Crucial training for staff involved in the provision of consumer credit.
In the highly regulated consumer finance sector, staff of lending organisations must be well-trained in the detailed provisions of the Credit Contracts and Consumer Finance Act and the practical requirements of the Commerce Commission. Heavy penalties, as well as significant reputational damage, can flow from breaches of these provisions.
This two-module course gives learners a clear understanding of consumer credit regulations, lender responsibilities, and key consumer protections. It covers a range of responsibilities for lenders offering consumer credit contracts, and elaborates on key protections in place for consumers.
For example:
- Responsible lending
- Hardship
- Oppressive conduct
- Advertising rules
Module two explores disclosure obligations in depth and provides guidance on managing and enforcing credit agreements under the Act.
The lessons provide scenarios on issues that may arise for lenders. These practical examples empower employees to act in line with their legal and ethical obligations.
Who should do this training?
This course is ideal for customer-facing staff, their managers, and support teams working in consumer finance.
Course Outline
Module 1: The CCCFA and responsible lending (For managers and general staff)
- The CCCFA, what it is and when it applies
- The responsible lending principles
- How to assist borrowers in making informed decisions
- The laws relating to advertising to provide credit or finance
- The consequences of breaching the CCCFA
Module 2: Disclosures and contract management
- The various CCCFA disclosure obligations
- The CCCFA protections against oppressive contracts
- How to handle hardship applications
- How to commence repossession procedures under the CCCFA
- The due diligence duties
